The NVIDIA Collective Communication Library (NCCL) is a critical software layer enabling high-performance collectives on large-scale GPU clusters. Despite being open source with a documented API, its internal design remains largely opaque. The orchestration of communication channels, selection of protocols, and handling of memory movement across devices and nodes are not well understood, making it difficult to analyze performance or identify bottlenecks. This paper presents a comprehensive analysis of NCCL, focusing on its communication protocol variants (Simple, LL, and LL128), mechanisms governing intra-node and inter-node data movement, and ring- and tree-based collective communication algorithms. The insights obtained from this study serve as the foundation for ATLAHS, an application-trace-driven network simulation toolchain capable of accurately reproducing NCCL communication patterns in large-scale AI training workloads. By demystifying NCCL's internal architecture, this work provides guidance for system researchers and performance engineers working to optimize or simulate collective communication at scale.